{"id":546487,"date":"2022-05-18T04:00:08","date_gmt":"2022-05-18T04:00:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/18\/rising-oil-import-prices-could-cancel-out-gas-export-gains-el-molla\/"},"modified":"2022-05-18T04:00:08","modified_gmt":"2022-05-18T04:00:08","slug":"rising-oil-import-prices-could-cancel-out-gas-export-gains-el-molla","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/18\/rising-oil-import-prices-could-cancel-out-gas-export-gains-el-molla\/","title":{"rendered":"Rising oil import prices could cancel out gas export gains -El Molla"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Egypt\u2019s rising oil import bill could cancel out any gains from higher gas export revenues <\/strong><strong>this year<\/strong>, Oil Minister Tarek El Molla told CNBC Arabia yesterday (<a href=\"https:\/\/twitter.com\/i\/broadcasts\/1MYGNnyyZVbGw\">watch, runtime: 11:49<\/a>). \u201cIt\u2019s possible that the extra [income] we get from our gas exports could be canceled out by the increase in the price of oil and its products,\u201d the minister said on the sidelines of an energy conference.<\/p>\n<p><strong>Egypt enjoyed <\/strong><strong>an oil trade surplus las<\/strong><strong>t year:<\/strong> Egypt reported a USD 2.1 bn oil trade surplus last year, according to balance of payments figures. The central bank is yet to release figures for 1Q 2022, which coincided with a spike in oil and gas prices on the back of the war in Ukraine. Egypt is a net importer of oil but exports gas.<\/p>\n<p><strong>There\u2019s no knowing where prices are going: <\/strong>El Molla said he hoped to \u201cmaintain '' gas export revenues this year compared with 2021, but added that gas and oil prices remain volatile, making the outlook difficult to predict. The value of Egypt\u2019s petroleum <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/450c1c9d-abc4-459a-8433-27aaaacaa0fd\">exports rose 84% in 2021<\/a> on the back of a five-fold increase in our LNG and natural gas exports. \u201cWe\u2019re positive in general about conditions,\u201d El Molla said.<\/p>\n<p><strong>Natural gas prices have spiraled to new record highs in Europe in response to the Russia-Ukraine war<\/strong>, potentially providing an opportunity for Egypt to offset some of the pain caused by the oil price spike. El Molla <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90dbcce6-c13b-4758-8275-21fd871e7ef4\">previously signaled<\/a> that Egypt could capitalize on the current market conditions and raise LNG exports.<\/p>\n<p><strong>Investments in the energy sector could reach USD 7-8bn this <\/strong><strong>fiscal year<\/strong>, the minister told Al Arabiya (<a href=\"https:\/\/www.alarabiya.net\/aswaq\/special-stories\/2022\/05\/17\/%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D8%A8%D8%AA%D8%B1%D9%88%D9%84-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A-%D9%84%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D9%86%D8%AA%D9%88%D9%82%D8%B9-%D9%88%D8%B5%D9%88%D9%84-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-%D9%84%D9%808-%D9%85%D9%84%D9%8A%D8%A7%D8%B1%D8%A7%D8%AA-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D8%A7%D9%84%D8%B9%D8%A7%D9%85-%D8%A7%D9%84%D8%AD%D8%A7%D9%84%D9%8A\">watch, runtime: 3:22<\/a>) at the conference. Rising oil prices globally could push the figure even higher following review, he added. Investments by foreign oil firms <a href=\"https:\/\/bit.ly\/3NoHOfJ\">fell 26% to USD 5.4 bn<\/a> in FY 2020-2021.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt\u2019s rising oil import bill could cancel out any gains from higher gas export revenues this year, Oil Minister Tarek El Molla told CNBC Arabia yesterday (watch, runtime: 11:49). \u201cIt\u2019s possible that the extra [income] we get from our gas exports could be canceled out by the increase in the price of oil and its [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":546488,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7207],"tags":[104,93,72,297,108,91,195],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546487","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-economy","tag-energy","tag-enterpriseam","tag-europe","tag-lebanon","tag-oil-and-gas","tag-tarek-el-molla","wpautop","entry"],"acf":{"mongo_id":"287f8f5f-1c15-486c-8b24-b856c06781dd","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/230.jpg","photo_position":"above","related_issue":[546478],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The agreements also include the two countries using each other\u2019s infrastructure to export gas to other countries in\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":589747,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/09\/oil-and-gas-exports-decline-on-lower-prices-production-in-4m-2023\/","url_meta":{"origin":546487,"position":2},"title":"Oil and gas exports decline on lower prices, production in 4M 2023","author":"enterpriseam admin","date":"9 July 2023","format":false,"excerpt":"Natural gas, crude, and petroleum product exports fell more than 50% y-o-y","rel":"","context":"In &quot;Trade&quot;","block_context":{"text":"Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/257.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543747,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/16\/were-getting-more-gas-from-israel-dragon-strikes-oil\/","url_meta":{"origin":546487,"position":3},"title":"We\u2019re getting more gas from Israel + Dragon strikes oil","author":"enterpriseam admin","date":"16 February 2022","format":false,"excerpt":"Israel will increase its natural gas exports to Egypt by up to 50% by the end of February, Israeli Energy and Water Minister Karine Elharrar has said, according to Bloomberg. Chevron and Delek Drilling, which operate Israel\u2019s two biggest offshore reservoirs \u2014 the Tamar and Leviathan gas fields \u2014 will\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/219.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":636837,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/01\/el-molla-discusses-cooperation-with-france-on-oil-and-gas-projects\/","url_meta":{"origin":546487,"position":4},"title":"El Molla discusses cooperation with France on oil and gas projects","author":"enterpriseam admin","date":"1 November 2017","format":false,"excerpt":"Oil Minister Tarek El Molla met yesterday with French Deputy Minister for Economic Affairs, Jacques De Lajugie, and France\u2019s ambassador in Cairo St\u00e9phane Romatet to discuss potential cooperation on oil and gas projects in Egypt, Al Shorouk reports.","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":601505,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/03\/gas-exports-to-jordan-reach-350-mcf-day\/","url_meta":{"origin":546487,"position":5},"title":"Gas exports to Jordan reach 350 mcf\/day","author":"enterpriseam admin","date":"3 March 2019","format":false,"excerpt":"Egypt\u2019s natural gas exports to Jordan have reached approximately 350 mcf\/d, up from 100 mcf\/d in January, Oil Minister Tarek El Molla told Daily News Egypt. 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